AMARANTUS BIOSCI INC (OTCMKTS:AMBS) took a key step and appointed Joseph Rubinfeld, Ph.D to its Board of Directors. It appointed Elise Brownell as Senior Vice President of division “Operations and Program Management.” It closed non-convertible debenture transactions and raised capital of $2.85 million. The number of transactions was limited to two.
Diagnostic Segment overview
Amarantus said that the management crystallized the corporate development program in its Diagnostics division with the acquisition of MS Diagnostics Company known as Diogenix, Inc. It acquired MSPrecise® that lately ended a clinical validation study with impressive results. It created an opportunity for the company to make an entry into the commercial marketplace in 4Q.
The success in tests
The Investigational Use Only Alzheimer’s diagnostic blood test known as LymPro Test® was commercialized in 2014. Amarantus reported its first pharmaceutical customer in 1Q2015. The interest in studies of experimental therapies for Alzheimer has been rising. The company also established a subsidiary named as Amarantus Diagnostics, Inc., to house LymPro and MSPrecise and are now assessing CEO applicants to drive this segment forward.
The development plans
Amarantus is evaluating strategic plans for the new subsidiary that will enable it to exercise the exclusive option transaction with Georgetown University, and solidify its position as a chief Alzheimer’s diagnostic blood test diagnostic firm.
The therapeutics segment
Amarantus stated that even its therapeutics segment is placed for strong growth. The company spent time and resources revitalizing the “eltoprazine” development plan following the company’s in-licensing of the lead product candidate in 2014.
Amarantus’s CEO and President Gerald E. Commissiong said that progress was recorded in FY2014 and early in 2015 in executing the strategy of grouping clinically de-risked and undervalued therapeutic and diagnostic opportunities. These are the two important platforms of the company for growth in the near future, and focus will remain on the two divisions in coming year.
AMARANTUS BIOSCI INC (OTCMKTS:AMBS) is currently trading at $0.0516 gaining 0.78% from yesterday’s close.